Billionaire Elon Musk 'buys' social network X again

New York [US], March 29: Billionaire Elon Musk announced that he has sold his social networking company X to his artificial intelligence company xAI for $45 billion.
In a March 28 post on X, billionaire Elon Musk announced that X was sold to xAI for a valuation of $33 billion and $12 billion in debt. "The future of xAI and X is intertwined. Today, we are officially taking this step to combine data, models, compute, distribution, and talent. This combination will unlock enormous potential by blending xAI 's advanced AI capabilities and expertise with X 's massive reach," Musk wrote.
In 2022, Mr. Musk bought the social network Twitter for $44 billion and then renamed it X. xAI's Grok interaction model has been integrated into X in recent times. Mr. Musk believes that X, after combining with xAI, will bring a smarter platform and more meaningful experiences. He values ​​the combined company at $80 billion.
Since buying Twitter, Mr. Musk has laid off 80% of his employees, changed the identity verification system and restored many previously suspended accounts.
According to CNN, the value of X has recently gradually recovered. Investment firm Fifelity estimated in October 2024 that X was worth about 20% of what it was when Mr. Musk bought it. However, by December 2024, the value had increased to about 30% of what it was when Mr. Musk bought it.
The acquisition of X could help xAI launch AI models and features to the public faster. xAI is a startup founded by Elon Musk about 2 years ago, recently successfully raised $6 billion in capital at a valuation of $40 billion, according to Reuters. In February, xAI launched the Grok-3 model to compete with models from DeepSeek (China) and OpenAI (USA).
Mr. Elon Musk is the richest person in the world . In addition to the two companies mentioned above, he also leads the electric car company Tesla, the space technology company SpaceX and is an advisor to US President Donald Trump.
Source: Thanh Nien Newspaper